The stock market of the Nigerian Exchange Limited depreciated last week following global market decline performance as recession fear return and Central Bank of Nigeria hike in Monetary Policy Rate .
On the domestic economy, investors are worried that the CBN might increase its Monetary Policy Rate by at least 50basis points as its 287th meeting of the Monetary Policy Committee is scheduled for Monday. The downturn was impacted by losses in BUA Cement that dropped by 10.4per cent as Totalenergies Marketing Nigeria Plc declined by 10 per cent. Guinness Nigeria down by 5.6 per cent as Guaranty Trust Holding also shed 5.6 per cent.
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